Financial Scammers & At-Risk Adults: How to Stay Safe

Fraudsters prey on everyone and their tactics have become increasingly sophisticated, making their malicious attempts harder to identify. They target at-risk adults (those with care and support needs) and the elderly in particular, as these groups are considered more vulnerable and trusting, less technologically sophisticated, with a tendency to sometimes be confused or disoriented. The older population is also seen as more likely to have savings and live alone or be isolated. The 60+ age group lost a record $4.9 billion through fraud in 2024 and submitted 147,000 complaints—more than any other age group, according to a report from the FBI’s Internet Crimes Complaint Center (IC3). That’s 43% more than the year before. It should be noted this amount is underreported as many victims are too embarrassed to admit they were defrauded and therefore do not come forward to report.

The best way to protect against victimization of this segment is for them—and those who love and advocate for them—to be educated when it comes to knowing how to recognize the common types and signs of potential financial abuse.����

Top financial scams that exploit vulnerable adults��

A financial abuser can come in the form of a stranger, a friend, a caregiver, or even a relative who encourages a vulnerable adult to make transactions or take out large sums of cash. Fraud can take place on the phone, through the mail, or even show up at the front door, but the popularity of personal computers means criminals most commonly try to trick a trusting public through these online scams:�� ��

Urgency or threats and/or requests for secrecy

• Grandparent scams are confidence swindles where the fraudster claims to be (or be with) a close relative in a crisis situation (accident or arrest). The scammer may ask the grandparent “please don’t tell mom and dad,” and then hand the phone to someone posing as a lawyer seeking immediate payment for bail or other emergency costs. With the rise of fraudsters capitalizing on Generative AI tools, at times fraudsters have successfully called a victim either cloning the voice or generating the face-time appearance of a supposed grandchild—increasing the appearance of the validity of the scam. Experts advise anyone who is approached with this type of situation should always ring the caller back to ensure the source is legitimate.
• Threats from authority figures can come from people impersonating government agencies or other officials—e.g., the IRS, Medicare, Social Security, or a utility company—who threaten dire consequences for those who won’t pay a made-up fee.

Unfamiliar contacts asking for money, access, or personal information

• Suspicious solicitations involve asking for funds or financial data to be disclosed—in the guise of a great money-making investment, a sympathetic ploy for a charitable donation, or another scheme.
• Home repair solicitations involve individuals going door-to-door and�� offering to help with home improvements. For example, the solicitor may state: “It appears you need a new roof. I’m replacing a roof down the street and can help you next.” The victim then physically hands over a significant amount of cash or check(s) to the fraudster, who most likely will never return.
  
• Support staff remote-access online solicitation occurs when an email or pop-up message says there is a virus or some other frightening claim that requires calling a certain number, leading to a fraudster. The scammer will then walk one through providing remote access to the device in order to rectify the situation, but instead allows the fraudster complete access to a device or computer.

Computer software attacks

• Bad actors may send malicious software (malware) links in emails or pop-ups. Trusting at-risk adults assume they’re from legitimate sources and click on these carefully embedded links that are designed to take over computers, providing access to bank or other financial account details. ��

Too-good-to-be-true offers

• Windfall scams send notifications of a lottery jackpot, inheritance, or other prize winnings—but allege that a certain amount needs to be wired to cover fabricated taxes or other costs before money can be claimed.
• Sweetheart scams may occur when fraudsters post fake profiles on dating sites or social media, pretending to be seeking romance. Once they establish faith and credibility, they try to capitalize on the desire for companionship by convincing a lonely elderly person into providing money for a made-up expense.

Stay clear of scammers

The use of the internet for banking, work, social interaction, dating, shopping, and more highlights the importance of being able to identify the very real and common fraudulent dangers. Threats can be reduced, however, by:

Making passwords complex, ideally a hard-to-guess mix of 12+ uppercase and lowercase letters, numbers, and symbols—with each one unique to every account or site. Details should be saved in a password manager “vault” application and multifactor authentication (MFA) enabled on accounts, so both a password and a one-time code are required.

Being careful with social media posts, by limiting the acceptance of friend requests to only known parties—not strangers—as this is a known fraudster method to create a false sense of familiarity and gain information.

Keeping personal ID numbers private and not displaying details (like a full birthdate) that can make individuals more susceptible to fraud. Sensitive data should never be shared—even with someone claiming to be a friend, relative, or authority figure.

Taking security precautions and only accessing financial accounts through known, private Wi-Fi vs. easy-to-hack unsecured public networks, like those in a coffeehouse or bookstore. Anti-virus software should also be kept up to date with the latest features (SPAM filter and a personal firewall).

Verifying before proceeding to click on unknown links or email attachments from strangers. Never send money to an unfamiliar recipient. Reputable sources would never ask for payment through gift cards, money orders, or cryptocurrency.

Report suspicious activity or fraud

If there’s reason to believe an elderly person or at-risk adult has been a victim of fraud or financial abuse,��that individual or a legal representative should call M&T at 1-800-724-2440��(Monday–Friday, 6am–9pm ET; Saturday–Sunday, 9am–5pm ET)��to get immediate help.

Instances of fraud can also be reported to the:

• Federal Trade Commission’s��
• ReportFraud.ftc.gov
• FBI’s Internet Crime Complaint Center (IC3)
• Department of Justice’s National Elder Fraud Hotline at 1-833-FRAUD-11 (Monday–Friday, 10am to 6pm ET) or Eldercare Locator at 1-800-677-1116 (Monday–Friday, 8am–9pm ET)
• AARP’s Helpline at 877-908-3360 (Monday–Friday, 8am to 8pm ET), where trained specialists offer peer counseling, support, and referral services to fraud victims and their family members

Stay in the know

Keep current on fraud protection best practices, take advantage of useful tools, and find helpful tips on M&T’s��How to Protect Yourself��page. Additional resources are also available at the:

• National Institute on Aging
• Consumer Financial Protection Bureau
• Home Page - ITRC (Identity Theft Resource Center)
• AARP, which has a Fraud Watch Network, where its team of fraud fighters posts real-world tips to help combat financial abuse; biweekly Watchdog Alerts via email or text on how to spot fraud; and a Scam-Tracking Map, which shows a state-by-state round-up of scams, suspicious emails, and phone calls.